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Here ' s What ' s Been Happening in the Small Business World

Small Business NewsIf you haven't had a chance to catch the news this week, here's a few highlights of what's been going on in small business.

The Facebook Change That Could Impact Your Company: If part of your company's online marketing strategy was to create clever Facebook posts for the people who've "liked" your business page, it may be time to switch gears. Concerned that users will leave the social media platform if it becomes too commercial, Facebook now limits how often business posts will show up in others' newsfeed. If you want to reach customers through Facebook, you're more likely to have to pay through Facebook ads.

Automated Marketing Is Available For Your Small Businesses: When it comes to marketing capabilities, large corporations have always had the upper hand over small businesses. The automated tools that were previously only available to big companies cost big bucks and required the brains of some major talent; however, a lot of these tools are now being made adaptable and accessible for small business use. It's expected that more will be in development over the next few years.

Ohio Proposes Small Business Tax Cuts: A new budget plan submitted by Ohio lawmakers proposes a break for small businesses. As part of the plan, business owners in 2015 would receive a 75% income-tax reduction on the first $250,000 of net income. They would pay no state income tax for the first $250,000 in 2016. Income that exceeds $250,000 would be taxed at 3%.

Minnesota Ranked Best State For Conducting Business: Despite its reputation for high taxes and its tendency to be labor union friendly, CNBC has ranked Minnesota as the best state in the nation for doing business in 2015. It's up five slots from 2014, and fourteen slots from 2013. Rankings are based on the state's workforce, economy, infrastructure, education, cost of living, cost of doing business, access to capital, innovation, business friendliness, and quality of life.  

Here's How Much Small Business Owners Are Borrowing: LendingTree recently conducted a survey on small business owners who applied for loans in the last year.  They found that 18% of borrowers were seeking less than $10,000. About 36% of borrowers wanted between $10,000 and $50,000. Around 20% of the applications were for new businesses. Despite many small business owners struggling to receive financing, only 1 out of 4 small business owners researched their options and shopped different lenders.


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